Gwangju Bank Records Net Profit of 173.3 Billion KRW in 2019... Largest Ever

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced on the 12th that its annual net profit for 2019 (separate basis) reached a record high of 173.3 billion KRW (a 13.0% increase compared to 153.3 billion KRW in 2018).

Operating profit was 232.4 billion KRW, a 12.8% increase from 206.1 billion KRW in 2018, significantly improving profitability. Through proactive soundness management, the bank maintained a non-performing loan ratio of 0.49% and a delinquency ratio of 0.42%, sustaining the highest level of asset soundness among domestic banks.

The BIS capital adequacy ratio stood at 16.02%, and the common equity tier 1 capital ratio was 13.32%, indicating a healthy level of capital adequacy.

Song Jong-wook, President of Gwangju Bank, stated, “The reason Gwangju Bank was able to achieve another record performance in 2019 was thanks to the unwavering support from the residents and customers of the Gwangju and Jeonnam regions. In 2020, we will continue to do our best to achieve excellent management results based on customer value and social responsibility, with the mission of being the representative bank of Gwangju and Jeonnam.”

He added, “Especially in 2020, the inaugural year for Gwangju Bank’s leap to becoming a 100-year bank, we will focus on strengthening sales capabilities in Gwangju and Jeonnam to expand market share, enhancing competitiveness through digitalization, increasing customer benefits, and fostering foundational strength through proactive asset soundness management. Given the anticipated difficulties in the regional economy more than ever, we will actively lead inclusive finance practices and social contribution activities by supporting local small and medium-sized enterprises and small business owners and deepening win-win relationships with the community.”

Meanwhile, last year Gwangju Bank successfully acquired and retained local public deposits such as Mokpo City and Gwangsan District treasury accounts. To create jobs and promote regional development, it invested 26 billion KRW as the third largest shareholder of Gwangju Global Motors Co., Ltd., and laid the groundwork for overseas expansion by signing a stock purchase agreement for the acquisition of a Vietnamese securities company.

To grow into a 100-year bank, Gwangju Bank presented four major management strategies for this year: ▲expanding sales capabilities in the Gwangju and Jeonnam regions ▲qualitative growth with substance ▲discovering future growth engines ▲strengthening the role as a regional partner and inclusive finance. The bank set this year’s slogan as ‘Only One Way, Rebuilding KJB’ and decided to carry out the ‘3-One’ three-pronged action plan to achieve this.

▲One-Stop Speed Management: Responding to change with swift decision-making ▲One-Step Customer-Centered Management: Getting one step closer to customers ▲One-Spark Passionate Leadership Management: Driving active change and innovation in customers and the organization with passionate energy are the three key initiatives of the action plan.

This content was produced with the assistance of AI translation services.